Walmart, Target Urge Lawmakers to Pass Bill Taking Aim at Visa, Mastercard Fees - WSJ

In a letter this week to all members of Congress, the merchants said the proposed legislation would increase competition, leading to a reduction in the fees they pay when they accept credit cards.

If this passes, it could absolutely destroy the credit card industry.

Without the transaction fees to pay for the “perks,” the value proposition becomes, “Hey, want to borrow $5 at 24% to buy that coffee?”

The fig leaf would come off.